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Friday, February 8, 2008

Personal Finance QuickTake: PayPal Rule Changes

PayPal rankled many of its customers by hiking fees and various recent policy changes. One was particularly irritating: eBay's plan hold payments sent through its PayPal payment service for up to 21 days in certain circumstances. Basically the freeze will apply to accounts that eBay believes are high risk. Holding on to the funds makes refunds faster to return if there are issues. The question is; "What is high risk?"

According to the report, you Feedback can be one way to hold up the payment process, to the point where 2 negative comment in a 30-day period, could hold up your payments. As the article asked: Can PayPal legally freeze funds at will for up to three weeks? The answer is yes. While PayPal offers interest-bearing accounts, debit cards, and other trappings traditionally associated with banks, it legally isn't one.

A lot of Bloggers are eBay sellers and traders as well and while I would like to see buyers protected, I hope those who are honest don't get punished!

How about you? Will this affect you and if so how?


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